World Aquaculture Market to Reach $202.96 Billion by 2020

GLOBAL - The global market for aquaculture is expected to reach USD 202.96 billion by 2020, according to a new study by Grand View Research, Inc. Aquaculture includes farming of aquatic organisms such as mollusks, fish, crustaceans and other aquatic flora and fauna.

Increasing consumer awareness of health benefits associated with seafood and growing consumption serves as a key driver for development of the market. In addition, the market demand is expected to be further fuelled by the lack of naturally available varieties owing to extensive fishing. Rice-fish culture is expected to serve as key growth opportunity for this market over the next six years, reports Watech.

Carps were the largest product segment, accounting for 25,137.6 kilo tons of global aquaculture demand in 2013 and is expected to reach 29,462.8 kilo tons in 2020, growing at a CAGR of 2.2 per cent from 2014 to 2020.

The demand for carps is expected to rise as it is one of the prime cultivated fish due to its high compatibility with non-ideal environmental conditions and its extensive use in fish farming. Mollusks were the second largest product segment, with market demand exceeding 16,619.6 kilo tons in 2013, owing to health benefits resulting in high consumption.

Global aquaculture demand was 69,230 kilo tons in 2013 and is expected to reach 80,400 kilo tons by 2020, growing at a CAGR of 2.0 per cent from 2014 to 2020.

China was largest market for aquaculture, accounting for about 53 per cent of global market share, valued at USD 77,934.8 million in 2013. The market is expected to show rapid growth due to favorable climatic conditions for aqua farming, availability of resources and labor.

Asia Pacific (excluding China) was the second largest market for aquaculture with market demand of 17.965.2 kilo tons in 2013, and is estimated to grow with a CAGR of 2.1 per cent from 2014 to 2020 due to ideal climatic conditions and technological innovation in this region.

In 2013, fresh water was the largest culture environment for aquaculture with market share of over 60 per cent and is expected to witness swift growth, at an estimated CAGR of 2.2 per cent from 2014 to 2020.